Nochomovitz adds that upside on new takeout speculation could drive shares even beyond their new price target.

The analyst further notes the panel discussions on label breadth fully in-line with their model. “Even if label ends up only saying Stage 2+, HR+ pts, max 1 year from Herceptin (it will likely be broader) this is what we already model,” he said. He also notes that Richard Pazdur was very quiet. “From experience we know that when he doesn’t want to approve something, he is vocal,” he adds.